Sue Fox, @Properties. Direct 773.816.1788
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Bargain hunting in Lakewood-Balmoral
A FADED BEAUTY: This rundown 5-bedroom house in Andersonville's historic Lakewood-Balmoral district is now priced at just $580,000. It's been on the market for five months.
It’s quite rare to find a house for sale in Andersonville’s beautiful Lakewood-Balmoral historic district for under $1 million. But every real estate downturn has an upside, and today there are several homes — including a genuine fixer-upper — priced closer to the half-million mark here.
The handyman’s special, a dilapidated three-story, turn-of-the-century Victorian complete with a turret, is in such lousy shape that the realtor didn’t bother to post any interior photos. “Not in move-in condition,” the listing advises. “Ideal for complete rehab or build new.” Located at 5453 N Magnolia, this 5-bedroom home has already been on the market for five months and is currently priced at $580,000 (a screaming deal for Lakewood-Balmoral, where a similar home in restored condition would fetch perhaps $1.4 million.)
On the same block, another faded beauty — this one with a third-floor ballroom in need of major work — is for sale at $675,000. Located at 5426 N Magnolia, this 1901 house retains some of its original splendor (the photos depict gorgeous wainscoting and stained glass in the dining room) but, again, the listing warns off casual house hunters. “House needs work, serious investors only,” it says. This home recently went under contract, after more than 6 months on the market.
And right across the street (what is it with this block?) there’s another home for sale, this one a brick 1906 house that looks a bit like a 2-flat from the outside. Priced at $720,000, it has just 3 bedrooms (plus one in the basement), but it also boasts the original staircase, leaded glass windows and built-in cabinetry. It’s been updated, with a newer kitchen and partially finished basement, and it’s been on the market since June.
Recent sales indicate that Lakewood-Balmoral bargains are often quickly snapped up. An updated 4-bedroom at 5410 N Wayne sold for $665,000 in May, while another updated 4-bedroom — this one at 5441 N Wayne on an extra-wide lot with a finished basement — sold for $750,000.
So if you’re in the market for a historic home in one of Chicago’s nicest neighborhoods, now is an uncommonly good time to make your move.
Condo prices plunge in Chicago area
A CHILL IN A-VILLE: This newly rehabbed 2-bedroom, 2-bath condo in the heart of Andersonville has been on the market for more than 400 days. It sold for $300,900 in the summer of 2008 and its owner listed it in Feb. 2010 for $304,999. One of dozens of 2-bedroom condos now for sale in once-hot Andersonville, it is now priced at $285,900.
Condo prices have tumbled 10.4% nationwide in the last year, according to data just released by the National Assn. of Realtors. But the plunge was much worse in the Chicago area, where prices dove 24.1% in the first quarter compared to a year ago.
The region (Chicago-Naperville-Joliet, in terms of the realtor’s association) fared worse than almost every other metro area in the country. Only the Tampa and Sarasota regions in Florida and Barnstable Town, Mass., saw condo prices fall further.
No wonder it’s getting so difficult to sell a condo in Chicago. What was once an active market has become seized and sclerotic, with thousands of condos for sale that just sit and sit and sit. I’m now seeing this troublesome trend in desirable neighborhoods like Andersonville and Lincoln Square, as well as much of Edgewater, Uptown, and even parts of Lakeview. Chicago’s North side seems to be awash in condos, may of them recent rehabs or nicely restored vintage units, that languish on the market for months despite their appeal. For many condos, showings are scarce and open houses attract only a few people, even at the height of the spring market.
What is going on here? Are young people, who traditionally drove the market for first-time condo buyers, deciding that it’s simply better to rent? Or are so many of them unemployed or under-employed that they can’t qualify for a mortgage? There are definitely fewer first-time buyers in the market these days; according to the realtor’s association, first-time buyers purchased 32% of homes in the first quarter, down from 42% last year when a $8,000 tax credit was stimulating sales.
If first-time buyers sit on the sidelines, our market will become paralyzed. First-time buyers drive sales by buying at the lower end, which then frees up those sellers to go buy another home. But if people can’t sell their condos, most of them won’t be able to buy again. They will be stuck. And unfortunately, this year many Chicago sellers are discovering that is exactly where they are.
Sweet deals in historic Andersonville
VINTAGE BEAUTY IN ANDERSONVILLE: This 4-bedroom Queen Anne Victorian, built in 1888, is one of the oldest houses in Andersonville. Featuring original woodwork, gorgeous stained glass windows and a grand staircase, this historic gem sold two weeks ago for $837,000.
Andersonville, home to the tony Lakewood-Balmoral district of beautiful turn-of-the century homes, is now seeing a variety of historic homes selling at bargain prices. Even some of the gorgeous rambling Victorians — the kind that used to routinely go for more than $1 million — have been selling at sharply reduced prices.
Take 1450 W Summerdale, a 4-bedroom, 3-bath, elegantly restored Queen Anne Victorian that sold in December for $837,000. It was originally priced at $939,000 when it hit the market in May 2010. Or 5418 N Magnolia, a historic 1911 house in Lakewood-Balmoral that was offered “pre-foreclosure” for $975,000 in June. It sold in October for $825,000.
New homes — a relative rarity in Andersonville — could also be found in the bargain bin. 1619 W Winona, a newly constructed 5-bedroom home featuring a media room with a wet bar, a chef’s kitchen, and a roof deck was priced at $925,000 when it hit the market last January. It sold for $867,000 in July.
I’ve lived and owned property in Andersonville for six years, and a few years ago it was nearly impossible to find a single-family house here for less than $500,000. But several Andersonville houses have recently sold in the $400,000 range, including a short sale at 1701 W Farragut that went for $400,000 in September. This one was a lovely 3-bedroom house, built in 1904 but still in good condition, with an updated kitchen. (It lacked a garage, however.)
Another short sale, a 3-bedroom brick Victorian at 1657 W Carmen, sold for $435,000 in August. With an updated kitchen and baths and a lofted third bedroom, the house was originally priced at $575,000 in October 2009. And 1520 W Hollywood in north Andersonville, a cute and compact 3-bedroom in updated condition, sold for $397,000 in August. I remember showing this little blue house to buyers over the summer, when it was priced at $450,000.
So if you love Andersonville’s friendly vibe, the restaurants and shops along Clark Street, the leafy streets and proximity to the lake and Red Line, now is the time to put down roots in a great community where houses used to be out of reach for everyone but the wealthy.
As fall approaches, Chicago buyers emerge
LOFTY LIFESTYLE: This 2-bedroom condo in the heart of Andersonville lives like a loft, with soaring 13-foot ceilings, a spacious living area, and exposed brick in every room. With buyer demand re-emerging, three buyers have asked to see it in the last few days.
The summer of 2010 was a particularly slow season for Chicago real estate, beginning in May when the federal tax credits for home buyers expired. But now, as summer heads into autumn, house hunting seems to be picking up again.
Super-low mortgage rates are certainly part of the allure. Many Chicago lenders are now offering rates well below 5%… This week I saw that Guaranteed Rate was dangling a 4.375% interest rate on a 30-year fixed loan, which is the lowest I’ve ever seen. These rock-bottom rates make borrowing money quite cheap, meaning that buyers can get considerably more house for the same monthly payment than they would have a few years ago when rates were between 6 and 7%.
At one of my listings, a 2-bedroom condo with parking in the heart of Andersonville, I’ve had three showing requests in the last three days. One of the prospective buyers told me she and her husband just sold their previous home. My theory is that now we’re going to see more buyers like her, people who managed to sell their existing property (perhaps thanks to the tax credits earlier this year) and are now in a position to buy again.
Home sales up 28% in June as prices slip
BUNGALOW BEAUTY: This restored historic bungalow in Andersonville was one of the 2,526 Chicago homes that sold in June. With a fireplace, built-in bookshelves, a gourmet kitchen, a full finished basement and a landscaped backyard, this home attracted multiple offers. I sold it in 3 days!
You can really see the impact of the $8,000 tax credit for first-time buyers. In June, the final month buyers could claim the credit, Chicago home sales shot up nearly 28% over the previous June, according to data released today by the Illinois Association of Realtors. That marks the 1oth consecutive month of year-over-year increases in Chicago.
But just because more properties are changing hands doesn’t mean home prices are recovering. In fact, the opposite is true in Chicago. The median home price, now $234,250, is down 3.2% compared to a year ago.
Genie Birch, president of the Chicago Association of Realtors, pointed out that the year-to-date number of homes sold in Chicago is up 41% for the first half of 2010 versus 2009. “We believe this is a positive indicator that Chicago’s housing market is stabilizing,” she said. “Motivated buyers and sellers are working toward realistically closing deals at current market values.”
I have my doubts about whether our market is truly stabilizing, or whether we are just witnessing a final surge of home sales fueled by a government stimulus program that no longer exists. Congress has since extended the date to close on a home purchase through September (provided you were already under contract by April 30) to help people seeking the tax credit who were unable to close by June 30, the original deadline.
So we may yet see a slight swell of closings in July, August and September that were actually spurred by the tax credit. But that doesn’t mean our local housing market is healthy enough to stand on its own.
Chicago for sale: Great houses for under $500,000 in Lincoln Square
A HOUSE FOR THE PRICE OF A CONDO: This adorable turn-of-the-century home in the Bowmanville section of Lincoln Square is now priced at $389,000. Chris Sears of Keller Williams has the listing.
The buyer’s market lives on! Four years into Chicago’s real estate slump, I’m now seeing a handful of historic single-family homes, in generally good condition, on the market in desirable neighborhoods like Lincoln Square, Edgewater and even Andersonville for less than $500,000.
I have some new buyers looking in Lincoln Square, particularly the Bowmanville area north of Foster, between Damen and Western avenues. This is a sweet little pocket of century-old A-frame houses, many of them with porches out front and decks in the backyard.
There are several affordable 3-bedroom homes currently for sale there, including 2209 W Farragut, a handsome house with hardwood floors and an updated kitchen and bath, now priced at $389,000. This house has been on the market since the beginning of February, when it was priced at $435,000.
Then there is 2139 W Berwyn, a pretty Cape Cod house whose roof and mechanicals have been updated and interior has been renovated, including a full finished basement with a family room. Just to give you an idea of how much prices have fallen in recent years, this 3-bedroom home was listed at $589,000 in the summer of 2008. It’s been on and off the market since then, and is now priced at $459,000.
A few of the Lincoln Square houses look like they’ll require a good bit of work, such as 2575 W Argyle, a 4-bedroom house listed just under $400,000. But this house makes up for it with a huge 45 x 160-foot lot, which is 20 feet wider and 35 feet deeper than the standard Chicago lot.
With interest rates still hovering around the 5 to 5.25% mark, this a great time for buyers to take a step up from condo (or apartment) living and find an affordable house with the extra space, grassy yard and a garage that they’ve been missing. Just in time for a summer barbecue!
Chicago foreclosures still rising steadily; 3,500 homes lost citywide in Q1
EVEN IN EDGEWATER: Foreclosures are starting to creep into stable Chicago neighborhoods, driving down home prices. This bank-owned foreclosure, a 3-bedroom Victorian at 1248 W Ardmore that used to be a bed & breakfast, is now listed at $497,999. Its former owner paid $720,000 in early 2007.
While home sales have jumped significantly in the Chicago area, another less hopeful housing indicator — home foreclosures — is also on the rise. During the first quarter, more Chicago-area homeowners lost their homes to foreclosure than in any other quarter in the past five years.
Nearly 3,500 homes in the city of Chicago went through a court-ordered auction, the final step in a foreclosure, and 95 percent of them were reclaimed by lenders, according to a recent report by the Woodstock Institute, a Chicago-based think tank. In the six-county Chicago region as a whole, 9,302 homes went to auction during the first quarter.
It looks like the Obama administration’s Making Home Affordable program and other government efforts to stem the foreclosure crisis aren’t working. Loan modification often fails for people who simply can’t afford their homes. Illinois, one of the hardest-hit states in terms of foreclosures, now faces 11.7% unemployment — far worse than the national average. If people are out of work, it becomes pretty hard for them to pay their mortgages.
So what does all this portend for our local market? I see two trends that I expect to continue in Chicago through 2010 and perhaps beyond:
1) The surge in foreclosed homes will continue to push Chicago home prices down across the board, particularly in neighborhoods with lots of distressed properties. In the North side neighborhoods I cover, this would mean falling prices in Rogers Park, Albany Park and perhaps Uptown and Edgewater, and continuing pressure that holds down prices in more affluent areas like Lakeview, Lincoln Square and Andersonville.
2) The foreclosures — at least the ones in decent shape — will present an attractive buying opportunity for both first-time buyers who couldn’t afford a home in years past, and investors who are taking advantage of the bargain prices. I’m even seeing investors who buy foreclosed houses and condos, spruce them up a little, and then flip them back onto the market. Often the end buyer, who still gets a deal on the price, is a first-time home buyer.
New listing in Andersonville: Historic bungalow for $469,900
BUNGALOW HEAVEN: Nestled on a quiet street in Andersonville, this gorgeous bungalow has been beautifully restored by its owners. It's now for sale at $469,900.
I’m really excited about my new listing at 5951 W Hermitage Avenue, a beautifully restored bungalow in Andersonville. It is a classic Chicago bungalow, made of brick with original woodwork and hardwood floors throughout, featuring a lovely fireplace flanked by built-in bookcases in the living room.
I fell in love with this house the moment I walked in the door. And everyone else seems to feel the same way, as it’s only been on the market for two days and I’ve already had four showings! The owners have kept it their house in perfect shape, as you can see here from the photos. In addition to renovating the kitchen and putting in a charming breakfast nook that looks out over the backyard, they completely finished the basement, adding a rec room, a media room, a second kitchen, a full bath and an office.
A CHEF's KITCHEN: With plenty of space, an island and a breakfast nook, this bungalow kitchen is a far cry from the cramped kitchens of many historic Chicago homes.
The house is very livable, with two bedrooms and a den on the main floor, a spacious kitchen, a separate dining room, and plenty of storage space. And the backyard is a delight, with a large deck overlooking a landscaped grove of trees and flowers.
Most Chicago bungalows were built several miles west of the lake, in a bungalow belt that stretches through neighborhoods like Jefferson Park and Portage Park. There aren’t too many bungalows in Andersonville or Edgewater, but Hermitage Avenue is a little treasure trove for bungalow lovers. It’s a quiet tree-lined street full of classic bungalows — just a stone’s throw from Clark Street and all of Andersonville’s great shops and restaurants.
New listing in Andersonville: Gorgeous 2-BR loft with parking for $319,000
LOFT LIVING: My new listing at 1473 W Foster #3 in Andersonville feels like a loft perched in the treetops, with 13-foot ceilings, exposed brick and plenty of light.
It’s been so busy lately I haven’t had a moment to blog… But at least I have some new listings to show for it! I’m happy to present my latest listing in Andersonville, a beautiful penthouse condo at 1473 W Foster Ave. #3. Please check out the photos here.
This is truly a great Chicago condo, with many features that are hard to find like soaring 13-foot ceilings and exposed brick. The gourmet kitchen features 42-inch maple cabinets and granite countertops, and the open floor plan is ideal for entertaining. There is a huge living room with a wood-burning fireplace, a sunroom, a master bath with custom marble and a large private deck. Parking is included!
There are hardwood floors throughout, plus central air and an in-unit washer and dryer. The assessments are low and this 6-unit building has been well maintained. And this top-floor condo even has roof rights, just in case you ever wanted to build a roof deck.
The location is also ideal, right off Clark Street in the heart of Andersonville. (Of course, I live in Andersonville so perhaps I’m biased, but this neighborhood is awesome.) You’re literally steps away from Starbucks, Cheeetah Gym, the Hopleaf, Ann Sather’s, Reza’s, Andie’s, Women and Children First, Scout and a ton of other cool restaurants and shops. It is only a few blocks to the Red line, the Metra stop at Lawrence, or the lake.
Please call me at 773-816-1788 for more information. I’d be happy to arrange a showing for 1473 W Foster #3 or any of my other listings. Thanks!
A Walgreens in Andersonville?
THANKS FOR THE MEMORIES: Thybony Paint (shown here in its original 19th-century storefront) may be leaving Andersonville this year, making way for a Walgreens pharmacy on Clark Street.
Goodbye, Thybony Paint. Hello… Walgreens?
That’s what Crain’s Chicago Business is reporting, at least. The rambling paint and wallpaper store anchoring the corner of Clark Street and Catalpa Avenue in Andersonville is soon to be replaced by a Walgreens pharmacy.
Andersonville, thus far, is largely free of ubiquitous chain stores (with the exception of Starbucks, Einstein Bros. Bagels, Jewel-Osco and a couple other shops.) Will a corner Walgreens, right across the street from the aforementioned Jewel-Osco, give our mom-and-pop city neighborhood more of a suburban big-box flavor?
The store is slated to open this fall, a spokeswoman for Deerfield-based Walgreen Co. told Crain’s. The existing 16,000-square-foot building will soon be remodeled to accommodate its new occupant. It is not known whether the family-owned Thybony, which was founded in Chicago in 1886 and now has another location at 3545 N. Kedzie Avenue, plans to relocate its Andersonville store.
But in the meantime… does Andersonville need another pharmacy? There are two literally right across the street: the Gordono Pharmacy (and sandwich shop) on the other side of Clark Street, and the Jewel-Osco across Catalpa Avenue. Meanwhile, there are three other Walgreens located within roughly a mile (at 5625 N Ridge Avenue, 1500 W Wilson Avenue, and 4720 N Marine Drive).
But a century-old paint store? Now that’s something every realtor (and her home-buyers) could use.
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